The use cases of XRP are essentially the same as those of Bitcoin, according to director Matt Hamilton
Ripple’s Director of Developer Relations Matt Hamilton stated on social media that XRP was created by Bitcoin developers as a version of “Better Bitcoin” because they realized that Bitcoin’s “energy consumption” is not scalable “and the use cases of XRP Are “essentially the same” as Bitcoin. “
Matt Hamilton – Director of Developer Relations at Ripple
Hamilton’s words came while discussing cryptocurrencies with other users on the Twitter platform, arguing that XRP is not a centralized cryptocurrency.
During the conversation, Hamilton speak Like Bitcoin, XRP is decentralized:
“No, it’s decentralized like Bitcoin. XRP was created as a kind of “Better Bitcoin” by Bitcoin developers when they realized that Bitcoin’s energy consumption was not scalable. So the utilities are basically the same as with Bitcoin: make peer-to-peer payments without a trusted third party.
Hamilton also pointed out that there are around 150 validators on the XRP blockchain – the XRP ledger – and the transactions on it are public, just like the Bitcoin blockchain.
In one tweets Elsewhere, Hamilton argues that XRP is not controlled by Ripple and that the XRP Ledger is “the first decentralized exchange” and, as such, the XRP Ledger is “really the first DeFi application”.
Hamilton shared data showing that XRP ledger nodes are spread around the world to dispel rumors that Ripple operates most of the nodes on the network and that it is an extremely centralized blockchain. However, Ripple is a company whose mission is to promote XRP.
Last month, Ripple hired former Mastercard manager Sendi Young as CEO of its European operations to expand Ripple’s global financial network technology, RippleNet, by using the XRP token for its On-Demand Account (ODL) liquidity solution.
XRP’s value was negatively impacted by a US Securities and Exchange Commission (SEC) lawsuit against Ripple and two of its executives alleging “raised more than $ 1.3 billion through an unregistered digital security offering”.
XRP price chart | Source: Tradingview
According to some analysts, Ripple’s settlement of the dispute with the SEC could result in an XRP supply shock, which is likely to result in a price spike as demand stays the same while supply falls.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Cryptoglobe